‘SAVE PLANET’ PLEA

BANK profits are already booming, and now their taxes are due to fall.

Chancellor Rishi Sunak is expected to cut the corporation tax surcharge on banks from 8% to 3% in Wednesday’s Budget. That’s a tax they pay on top of normal corporation tax.

With other taxes, including National Insurance, likely to rise the cut could prove controversial.

The Government is concerned about the City staying competitive. Not all bankers seem obsessed by that. Asked what he wants from the Budget, HSBC’s Ewen Stevenson said: “Something meaningful about the environment and how they intend to save the planet.”